Type:
Bullish Bounce
Key Levels:
Resistance: 114.299
Pivot: 113.793
Support: 113.451
Preferred Case:
Price is in a bullish momentum and consolidating in a parallel channel. We see for prices to bounce from our Pivot at 113.793 in line with 50% Fibonacci retracement, 78.6% and 200% Fibonacci extension towards our 1st resistance at 114.299 in line with 100% and 38.2% Fibonacci retracement.
Alternative Scenario:
Alternatively, our prices may dip to our 1st support at 113.451 in line with 61.8% and 100% Fibonacci retracement.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.